Quote:
Originally Posted by Im45us
I am glad I found this site. I will have to do some more homework. I am reading " Get what's yours " so hopefully will get more info there. I will turn 66 on September 7, 2020 and will work till end of year is my plan. I know no one knows when they will die but my wife and I both have some longevity in our genes so who knows. If my expected benefit is $2400 at FRA how much extra would it be waiting almost 4 months longer? It might more than make up the difference of what my wife will lose by taking her benefit at 65 instead of 66. Thanks again. P.S. I think I found your other post " Ilovemycat "
I think my wife might start collecting at 65 instead of 66. She turns 65 on June 7 of this year. When should she apply?

If you wait until January 2021 (4 months past your FRA of September, 2020), your $2400.00 is increased by $64.00 to $2464.00. But, let's first talk about your options at your 66th birthday, knowing your wife is already over 66 and already collecting her own retirement since age 65 of $531.00.
You have a number of options at 66. You can file and suspend, so your wife can get her additional $630.00 based on your FRA of $2400.00 and so you can wait until 70 to collect an additional 32% on your $2400.00. Yours at 70 becomes $3168.00. You can also file for husband's benefits at 66 and get 1/2 of your wife's $570.00, which is 235.00 per month.
So, if you did this scenario (option A) this is what your SS would be when you are 66 your wife would be getting $531.00 (I picked her own age 65 amount), plus $630.00 from your record and you would get $235.00 from her record. That is a total of $1396.00.
Or, SS at 66, it could be this
option B) your wife would be getting $531.00, plus $630.00 and you get $2400.00. That is a total of $3561.00.
If you pick option A you get to have Option C  at 70: your wife is getting $531.00, plus $630.00 and you get $3168. At 70 that is a total of $4329.00.
So, let's see how this shakes out: If you take option B, you never get option C and when you die your wife goes to $2400.00. If you take option A, and then option C, when you die your wife goes to $3168.00.
Now. let's compare the gain/loss with option A vs option B. In doing the gain/loss I don't include your wife's own $531.00. So at 66 you have benefits of $865.00 (630 + 235) vs. $3030.00 (2400 + 630).
$865 x 48 = $41,520.00.
$3030 x 48 = $145,440.00.
Your initial loss is $103,920.00. At 70 you gain the difference of $768.00. (The difference between $3168 and $2400.00.) Divide the loss by the gain to see how long it takes you to make up that loss you eat it up beginning at 70, by getting the extra $768.00 every month. It takes 135 months or 11.2 years from 70 to make it up. Then each month you live past 81.2, you are ahead by $768.00.
You said you had longevity in your family. It might be worth it. It is also what makes it hard. It also assumes you guys can live on the option A amount once you stop working. If you were going to work until 70, option A is a real possibility. Otherwise, the numbers in Option B make a lot more sense.
But, you could do Option A just for 4 months, until January, 2021, which you asked about.
Here is the gain/loss for that scenario: 865 x4 = $3460.00. $3030 x 4 =$12120.00. Initial loss of $8660.00, Gain of $64.00 (difference between 2400 and 2464.) Divide 8660 by 64 = 135 months which is 11.2 years from 66+4 to make it up. At 77.6 you have made up the loss. At your death, your wife goes to $2464.00.
I think that is enough info for this post. If you have questions, let me know. One more point to reiterate: a wife, or husband, does not get the benefit of delayed retirement credits while the worker is still alive. They do get the benefit of delayed retirement credits at the time of the worker's death. So, that is why, no matter what you decide to do, your wife's benefit is her own reduced retirement, and an additional $630.00.